Asana (NYSE:ASAN) Trading Down 6.3% – Here’s Why

Asana, Inc. (NYSE:ASAN)’s stock price dropped 6.3% during mid-day trading on Tuesday . The stock traded as low as $20.35 and last traded at $20.42. Approximately 1,359,585 shares changed hands during trading, a decline of 50% from the average daily volume of 2,738,013 shares. The stock had previously closed at $21.80.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ASAN shares. JPMorgan Chase & Co. raised their price objective on Asana from $13.00 to $15.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Royal Bank of Canada reissued an “underperform” rating and set a $10.00 price target on shares of Asana in a research note on Friday, December 6th. Robert W. Baird upped their price objective on Asana from $13.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Jefferies Financial Group lifted their target price on shares of Asana from $16.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday. Finally, JMP Securities upped their price target on shares of Asana from $21.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.27.

Asana Price Performance

The stock has a market capitalization of $4.64 billion, a P/E ratio of -18.10 and a beta of 1.10. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.49 and a current ratio of 1.49. The business has a fifty day simple moving average of $17.92 and a 200-day simple moving average of $14.67.

Insiders Place Their Bets

In related news, COO Anne Raimondi sold 27,233 shares of Asana stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.71, for a total value of $591,228.43. Following the completion of the sale, the chief operating officer now owns 733,855 shares of the company’s stock, valued at approximately $15,931,992.05. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 63.97% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Asana by 11.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,045 shares of the company’s stock worth $238,000 after acquiring an additional 1,769 shares during the last quarter. Rhumbline Advisers boosted its holdings in Asana by 2.2% during the second quarter. Rhumbline Advisers now owns 115,958 shares of the company’s stock worth $1,622,000 after purchasing an additional 2,464 shares during the last quarter. Arizona State Retirement System grew its position in Asana by 3.6% in the 2nd quarter. Arizona State Retirement System now owns 23,401 shares of the company’s stock worth $327,000 after purchasing an additional 803 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Asana by 26.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,983 shares of the company’s stock valued at $70,000 after buying an additional 1,028 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in Asana by 327.9% in the 2nd quarter. Headlands Technologies LLC now owns 2,897 shares of the company’s stock valued at $41,000 after buying an additional 2,220 shares during the last quarter. 26.21% of the stock is owned by institutional investors.

About Asana

Asana, Inc, together with its subsidiaries, operates a work management platform for individuals, team leads, and executives in the United States and internationally. Its platform helps organizations to orchestrate work from daily tasks to cross-functional strategic initiatives; manage work across a portfolio of projects or workflows, see progress against goals, identify bottlenecks, resource constraints, and milestones; and communicate company-wide goals, monitor status, and oversee work across projects and portfolios to gain real-time insights.